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Enjin [ENJ] Coin Gains 400% in a Fortnight as Samsung Creates Euphoria in the Cryptocurrency Market

The South Korean multinational conglomerate, Samsung has created mass hysteria in the cryptocurrency market. Samsung released its Galaxy S10 flagship smartphone with an inbuilt cryptocurrency wallet for cold and hot storage of cryptocurrencies.

The details of the inbuilt wallet were not specified at the time of the release. However, the cryptocurrencies excepted to be supported on the platform were Bitcoin (BTC), Ethereum (ETH), Ejin (ENJ) and Comee, a blockchain based social media platform.

Furthermore, a new unboxing video has surfaced on the internet released by Jorozu. In the video, he mentions that Samsung has currently- extended support for Ethereum only. While this comes as a piece of positive news for Ethereum, the market has remained neutral towards Ether (ETH) price.

Enjin Coin Overnight Flash Rise

Enjin Coin has risen exponentially ever since the implementation of the small-cap cryptocurrency was introduced on the Samsung Galaxy s10. The cryptocurrency was trading at 1000 Satoshi- before the Samsung adoption which is currently trading at 5050 Satoshi.

30-min Chart of ENJ/BTC on Bittrex

While Samsung ‘Blockchain Keystore Wallet’ extends support only for Ether (ETH), Enjin coin rises overnight by a hundred percent over the news.

Moreover, the move from 2500 Sats to 5000 sats happened in less than six hours on 8th March. The rise can be attributed to FOMO characteristics and misinformation. The RSI index at 90 also indicates overbought characteristics.

Unity SDK Release By Enjin

Enjin has also announced the launch of the- testnet- version of their blockchain software development kit (SDK) for Unity. According to the company,- the partnership with Unity Technologies will enable Enjin to demo the- testnet- at the Game Developers Conference later this month.

Unity is the leading game developing the platform in the world. Numerous games have been designed on the platform that provides for both 2D and 3D development. The SDK kit released is still in the beta phase, and the adoption of the coin could be tremendous in the long run. However, the current price action seems to be a result of mass hysteria and volume rise in the short-time.